Housing market inventory shrinks even further in March
Single Family Homes (SFH)
After years of decline, the number of Single Family Homes (SFH) for sale in Essex County on the first of the month compared with a year earlier (YOY) increased from August 2018 until June 2019. Since then the decline has resumed and, in fact, accelerated, as this table shows:
The next two charts (the first for January to June; the second July to December) show the number of SFHs for sale on the first of the month since 2017. In the first chart the numbers for 2020 YOY show the renewed decline (in 2019 inventory was increasing until June).
The second chart shows the decline YOY each month from July to December in 2019.
Condos
The number of condos for sale increased YOY from June 2018 until August 2019, but since then there has been a decline, which has also accelerated in recent months:
These two charts show numbers since 2017 for January to June, and July to December.
The first chart shows the decline in 2020 YOY, while in 2019 inventory was increasing in the first 6 months of the year.
The second chart shows inventory continuing to increase in 2019 YOY in July and August, steadying in September, and then resuming the decline in October.
Comment
While the overall supply of SFHs in Essex County remains very low at just 1.5 months ( a market has traditionally been considered to be in equilibrium between buyers and sellers when there is 6 months of supply) the position varies widely by price, as shown in this table:
While inventory early in the year is normally low, a feature of 2020 so far is the speed at which new listings, if priced appropriately, are selling. If you are thinking of selling, now is a really good time.
The conclusion remains that the market remains in favour of sellers right up to $1.5 million, but above that dramatically swings in favour of buyers.
Mortgage rates after the collapse of bond yields
Will house prices continue to rise in 2020?
Are You Thinking of Selling in 2020?
Swampscott homeowners: now is a GREAT time to sell
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
Open Houses Sunday March 1
Cold but sunny for these Open Houses today: (more…)
Swampscott: where have all the sellers gone?
Recently, I published Swampscott homeowners: now is a GREAT time to sell.
Since then, all 3 of the houses listed at the time for under $1 million have had offers accepted, while this week two more were listed :
11 Bay View Drive at $665,000, and 85 Walker Road at $459,900.
There are currently just 11 houses for sale in Swampscott and 5 of those are new construction in a 55+ community; 3 others are $2.9 million or more, and the last one is 20 One Salem Street at $1.2 million.
So…. if you have been thinking of selling it is hard to imagine a better opportunity: 3,462 SFHs in Swampscott and only 6 of them (the other 5 are new construction) for sale. The demand is there, but where is the supply?
If you would like to know what your home might sell for in this market please contact me to arrange for Team Harborside to visit you and give you a current market opinion.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
New Listings week ending Valentine’s Day
A quiet week ahead of President’s Day an school vacation week.
Click on these links for details:
Marblehead New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
and click Other towns to check for any town in Massachusetts.
Will house prices continue to rise in 2020?
Are you thinking of selling in 2020?
Swampscott homeowners: now is a GREAT time to sell
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
New Listings mid-week February 12
Very few new listings ahead of School Vacation week:
Marblehead New Listing
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
Will house prices continue to rise in 2020?
Are You Thinking of Selling in 2020?
Swampscott homeowners: now is a GREAT time to sell
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Open Houses Sunday February 9
Here are today’s Open Houses:
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open Houses
Lynn Open Houses
and click Open Houses search to check in other towns.
Will house prices continue to rise in 2020?
Are You Thinking of Selling in 2020?
Swampscott homeowners: now is a GREAT time to sell
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Two new Marblehead Neck Oceanfront listings
Just $4,000 separates these two new Oceanfront properties on Marblehead Neck (click on the links below the photos for full details):
Contact me to arrange a private showing.
Will house prices continue to rise in 2020?
Are You Thinking of Selling in 2020?
How is Marblehead’s 2020 Property Tax rate calculated?
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
New Listings mid-week February 5
These re the most recent New Listings, including two Oceanfront properties on Marblehead Neck:
Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
and click New Listings to check other towns.
Will house prices continue to rise in 2020?
Are You Thinking of Selling in 2020?
Swampscott: now is a GREAT time to sell
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Swampscott Homeowners: now is a GREAT time to sell
The lack of housing inventory has been a feature of markets for several years, but nowhere to my knowledge has reached the situation currently prevailing in Swampscott.
Guess how many Single Family Homes are for sale currently? Just 12. Let me repeat that – there are 12 SFHs for sale in Swampscott. A town which has 3,462 SFHs.
And wait, there is more. (more…)
Open Houses on Super Bowl Sunday
A strange day ahead as for some reason the Patriots are not playing in the Super Bowl today. It will be mild for these Open Houses: (more…)
The 29 best things to do around Boston this February
In The 29 best things to do around Boston this February the Globe suggests 29 reasons to brave the chill – one for each day, although I am not sure there should be one for tomorrow when the temperature will be in the 50s.
I am guessing this may prove a favourite:
New Listings mid-week January 29
These are the most recent new listings: (more…)
Open Houses Sunday January 26
Sunny and mild – perfect weather to visit these open Houses: (more…)
New Listings mid-week January 22
These are the most recent New Listings:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
and click Other towns to search any town in Massachusetts.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Can a 97-Year-Old Still Get a 30-Year Mortgage?
Older Americans may not realize that they can still qualify for a mortgage, as the Equal Credit Opportunity Act forbids discrimination in the mortgage market on the basis of age. According to this NAR article 97-year-olds older borrowers are eligible to get loans that will expire even up to their 130th birthdays.
According to the Federal Housing Finance Agency, borrowers over the age of 65 comprise about 10% of all mortgages that are originated each year, and
more lenders are trying to promote to retirees that they can still qualify with special lending programs geared to them.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
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